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[DOC File]What are debits and credits
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Aug 30, 2009 · Whether a debit or a credit increases or decreases an account balance depends on the type of account. Asset and expense accounts are increased on the debit side, and liability, equity, and revenue accounts are increased on the credit side. It is just necessary to remember one thing.
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[DOC File]Balance Sheet
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To Demonstrate an Increase in Equity → CREDIT the equity account. ... Account Debit Credit 10. Mike receives a $5,000 small business loan from his bank. Account Debit Credit 11. Mike makes the first payment of $300 on his bank loan. Of the entire payment, $200 will go towards the principal of the loan and $100 towards interest on the loan. ...
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[DOC File]Accounting Equation:
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Account Debit Credit Interest Expense $ 10,000 Interest Payable $ 10,000 Item 3: The company has satisfied 50% of the obligations, so it can recognize revenue of $4,500 (50% of $10,000). Account Debit Credit Unearned Revenue $ 4,500 Subscription Revenue $ 4,500 Item 4: Utilities expense of $2,000 must be recognized now.
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[DOC File]DEBITS & CREDITS
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Debit Credit. 8. A negative Cash balance will have this account balance. Debit Credit. 9. Will increase the account Inventory. Debit Credit. 10. The expected balance in the account Petty Cash. Debit Credit. 11. The usual entry for an expense. Debit Credit. 12. Will increase a liability account. Debit Credit. 13. An entry on the left side of an ...
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[DOC File]Chart of Normal Account Balances
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Account Type Normal Balance. Asset Debit. Liability Credit. Shareholders Equity Credit. Revenue Credit. Expense Debit. Income Distributed Debit. Contributed Capital Credit. Option 3: Debit (All Vowels) Assets, Income Distributed, Expenses . Credit (All Consonants) Liability, Shareholders Equity (Capital), Revenue, Contributed Capital . General ...
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[DOC File]SUMMARY OF ACCOUNTING BASICS
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Assets = Liabilities + Owner’s Equity. 2. T Account: Account Title. Left Side. debit Right Side. credit 3. Rules of Debit and Credit: Balance Sheet Accounts ASSETS. Asset Accounts LIABILITIES. Liability Accounts Debit. for. increases Credit. for. decreases Debit. for. decreases Credit . for . increases OWNER’S EQUITY. Owner’s Equity ...
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Equity account debit or credit